Conversions are not created equal. Candidate selection drives feasibility more than most line-items in the budget.
What Typically Works Best
- Smaller or segmented floor plates that allow unit layouts with natural light.
- Building geometry and window lines that support residential program.
- Clear zoning path (or realistic variance/rezoning strategy).
- Mechanical systems that can be adapted without extraordinary cost.
Underwriting Lens
Feasibility depends on unit yield, construction constraints, and the exit. The right deal pairs a viable building with capital that understands schedule and entitlement risk.